New Tax Widget Prevents Small Business Audits

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IRS Red Flags “Unusual” Deductions; Outright.com Calculator Fights Back

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Online accounting application Outright has released a calculator to help small businesses avoid potential audits. The IRS uses industry deduction “standards” to calculate whether to red flag tax returns for audits. The deductions on a taxpayer’s tax form are compared to the average deductions from that industry. If there are major differences, that person’s return is “flagged” as high priority for an audit.

With Outright’s audit calculator, taxpayers can easily find information about the “standard” deductions in various expense categories within their industries. The widget is also embeddable on most websites, so accountants, taxpayers and other tax professionals can easily offer Outright’s audit calculator as a tool for clients worried about an audit. The embeddable widget can be found at:

http://outright.com/blog/find-out-if-your-deductions-will-get-you-audited/

Now, instead of a surprise in the mail, taxpayers can get the jump on the IRS, or even amend errors on their returns before they’re filed, to avoid an audit.

Outright.com is the leading provider of online accounting for the self-employed. Created by entrepreneurs, for entrepreneurs, Outright’s goal is to keep financial recordkeeping and management as simple as possible, helping businesses owners accurately track money flowing in and out of their business, estimate and prepare their taxes, and avoid running afoul of government compliance. For more information, visit http://www.Outright.com.

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Jennifer Escalona
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